1. ECON 312
Marina Rosser
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2. Introduction The taxonomy of economic system
Identification of the criteria for comparisons
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3. Topics of Discussion Allocative mode Property relations
Distribution principle
Expansive or self-isolationist nature
Socio-economic composition
Political profile
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4. Topic One
Allocative mode
tradition
market
planning
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8. Topic Two Personal and private property Public property
Cooperative arrangements
Management and control
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11. Topic Three Distribution and economic justice
Distribution and social justice
Hayekian principle
Rawlsian principle
Socialist versus communist distribution of income
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12. The classification of ISMS
Pure socialism:
You have two cows.The government takes them and puts them in a public barn. You have to take care of the cows, and the government will give a glass of milk.
Fascism:
You have two cows. The government takes both, hires you to take care of them, and sells you milk.
Pure communism:
You have two cows. You and your neighbor bicker about who has the most ability and the most need. Meanwhile nobody works, no one gets any milk, and the cows die of starvation.
Capitalism:
You have two cows. You sell one and buy a bull.
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